Publication Date:
2015
abstract:
After the 'new Great Crisis' exploded in 2008 it is widely recognized that
mainstream macroeconomics - the last result of Lucas's anti-Keynesian revolution
of the 1980s which tried to give macroeconomics sound neo-Walrasian
microeconomic bases - has failed to anticipate and then appraise the crisis. Has
this crisis revealed a failure of this macroeconomics as a scientific theory?
Mainstream macroeconomists defend their models on the basis of their alleged
superiority in terms of clarity and coherence. The thesis of this paper is that this
claim about superiority is false. The paper argues that the reasons for the failure of
mainstream macroeconomics - in particular its poor predictive performance and
poor interpretative weakness - reside in the implications of the neo-Walrasian
legacy and the problems connected with the implementation of that programme.
Iris type:
01.01 Articolo in rivista
Keywords:
Neo-Walrasian Macroeconomics; Lucas; DSGE models; theory-driven econometrics
List of contributors:
Sella, Lisa
Published in: